good morning. markets now, the bulls look to battle back after the dow suffers its worse session in three months. >> breaking overnight. impeachment. -- dilma rousseff on trial for breaking budget laws. >> and decision 2016, house speaker paul riyan and donald trump will meet on capitol hill amid questions about party leadership and unity. thursday may 12, 2016. "worldwide exchange" begins right now ♪ i'm coming up

♪ so you better get this party started ♪ >> good morning and welcome to "worldwide exchange" on cnbc i'm sara eisen. >> and i'm wilfred frost it's throwback thursday. back to the queens of pop. >> which is a good theme. we got pink to start us off. >> who is this? pink? there we go. tough day on wall street. we saw the dow have its worst day in three months off about 1.3%. the s&p and the nasdaq they were down about .8%. retail drew things lower particularly after macy's, and dow components like disney and office depot and staples after their deal was called off. lots of losses. retail was the big one. and a moment a bit of a bounce back. not a big one but a decent bounce nonetheless. a big snell equities yesterday. some bond buying but not huge.

the-year-old still between that range of 1.7 and 8. >> ahead of initial jobless claims. let's show you the global market picture. it is super thursday for the bank of england which means the central bank is set to deliver an interest rate decision. no change expected, minutes and its inflation report at 7:00 a.m. eastern time. we'll be looking for any sign that the uncertainty over the brexit vote in six weeks is weighing on that economy which we've heard from economists. the question is, is the manufacturing slowdown, for instance, that the uk is experiencing related to that or something deeper going on? modest gains in europe. the dax and germany up abou about .3%. so the france. ftsisy 100 flat. the british pound has been strengthening as the concerns for ease that the out camp for

brexit is making head way. in asia overnight. the japanese yen is weakening. that's helped the nikkei. the japanese stock market rebound just a bit higher. .4%. >> and towards the bottom of the nikkei toyota reported disappointing results. of course the stronger yen has been weighing on losses. now 2.5% in the red. broader markets. the international energy agency said global oil supply rose to 96.2 million barrels in april. the iaea expects something. oil is up again following strong

gains yesterday. 3.5% yesterday and do keep that in mind because we had strong oil yesterday. we had weak dollar yesterday and yet we had stocks off significantly. so usually those things have not all occurred. ed to the collar little more mix. you can see the strength against the yen. the dollar a little softer against the pound -- no i'm sorry. stronger against the pound and against the euro but not too significantly. basically flat. good look at gold as well. a new report from the world gold counsel found global demand soared during the first quarter. gold is off a little today. big factors yesterday we mentioned the retail that was very important. volumes as well the last three days. they have been elevated but we had gains the day before so it is not like only elevated volumes to the downside.

i think it was more stock and sector specific yesterday than anything real macro related. >> it did feel that way with the retail slump. anything tied to department stores got hammered. if you looked at the dow. even walmart which is sort of considered a defensive name was one of the big losers. nike was a big loser. they sell their clothes at mace sis. macy's macy. macy's and we're going to see whether this is company specific in the next few days. speaks to broader slowdown or department store specific. macy's is considered best in class in terms of management. but the stock is down more than 50% over the last year. it is hard to say that this is a buy because it is a good company. or is it just the secular decline of department stores and the industry cannot figure how to turn it around? either way massively disruptive.

i just want to point out one thing on this note. all of the retailers, basically if you are tied to a retailer yesterday was down. amazon stock was up 2%. that tells you all you need to know. >> consumer discretionary was worst perform bing but staples also suffered. and lots of sectors disappointed in earnings season with big headline falls in earnings. energy for example, financials for example. those guys often making losses. macy's is at least still in the black and making profit. so a very big fall with that in mind compared to other sectors. >> and a pair of economic reports topping the agenda. retail sales for the month by the way out tomorrow. weakly jobless games and april inspe import prices.

a trio of fed officials to be docket. mester rosengren and george. all vote owners the fomc this year. watch for any comments about the june rate hike, which they are still talk about even though the market is not pricing it in. retail themes continues. kohls and ralph lauren after the bell. >> nissan is reportedly gearing up to take a stake in mitsubishi in a deal worth near $2 billion buying about a third of mitsubishi. the reports come of course after mitsubishi admitted to overstating the fuel economy of a number of its models the purchase would make nissan mitsubishi's largest shareholders. up 3% on the news. >> jack in the box posting better than expected earnings

and sales revenues. -- offering upbeat full year profit guidance. and weibo trading higher. >> chipotle shareholders approving a proposal to give investors more four pick the board. hundred d hyundai and kia's china market share slid to a 7 year low in 2015 hurt by local competition. toshiba returns to profit this year. the japanese company has been restructuring in the wake of its damaging accounting scandal. posted a $6.6 billion lost last

year. >> lynn energy tiling for chapter 7 bankruptcy protection. oil and gas producer about 10 billion in debt. founded back in 2003, went public in 2006 during the oil boom and there is the ugly chart on the decline. >> a key fig year is leaving the firm. bill doyle will part ways with ackman's hedge fund. doyle played a key role in valeant pharmaceuticals investment which led to disappointing returns. the fund down 18%. >> and it aetna plans to continue its obamacare next year. it may actually expand. earlier this year reported operating losses about 3 to 4% last year and its rival united health t biggy has said it will exit most of obamacare exchanges

in extrayenext year. >> andland dowdy joins us. >> the street is looking for earnings of five cents per share on refb of 52 million dollars. beyond the numbers. same shack sales. menu innovations went over well and are expected to give comps a nice boost. second, costs. commodity costs and rising labor costs are big proponents in the report and will likely put pressure on margins so listen for commentary on that and if shack is still on pace to hit expansion goals of opening 13 new restaurants in the u.s. in 2016 and the third thing to watch. is it stock. shares have had a tough year. down about 47%. in the past three years revenue increased almost 250% but net income has gone down. i love they calm call them same shack sales. it is so hard to same. >> shame shack sales same

shack -- no i can't do it. that's well done. >> they are so far off the peek of about 90 bucks. that's been a fall. thank you. apple telling re/code in a report today that -- in a report that it is planning to kill off itunes music downloads. that is actually not true according to the company. after the website digital music news reported the tech giant is considering either aggressively ending itunes sales over the next two years or prolonging the faze out by three or four years. besides denying the report apple didn't provide further details but the report got a lot of attention. >> and brazil could be one step closer to impeaching its president. the del tails coming next. but first break out your party hats. great britain is celebrating her majesty's queen elizabeth's birthday with a four day

exstrafgz. the s 900 horses and more than 1500 riders. the actual birthday is april 21st. the uk is marking the birthday with several events in april, may and june. and very worthy. >> maybe we should have a celebration here to make you feel comfortable and at home. >> yes. please do. and perhaps we'll get to see that after the break. have we got it with you? oh dear. anyway we're back in a couple of minutes. ♪ executive from dbs bank. i am keeping busy assisting your relationship managers. how so? i can read over a thousand research reports every day, to help you keep abreast of market movements and to help your relationship managers give better advice. that's great. today's fast moving markets make it hard to keep up.

but together we can stay one step ahead. we make a great team, watson.

just turned positive the last 20 minutes or so. let's look how this plays out. oil and gas no surprise. up by 1%. basic resources weighing to the down side off .6%. i want to hone in on insurance and financials here because some

disappointing earnings reports coming out of insurers in europe are weighing on individual stocks there. gen generali. >> zurich insurance bucking trends. higher by 5%. and the banks, french bank missing on earnings as well. ing a super thursday in just a few hours. >> nancy thank you very much for that. switching focus. let's get to today's trade of the day even after gold's 19%

rise in the first quarter. two billionaire hedge fund managers see more gains ahead for this precious metal. i -- s&p 500 sectors that perform well when gold is high, energy, utilities and telecoms among others. for more go to cnbc.com and check out cnbc pro. >> senators deciding whether or not to continue the impeachment process against dilma rousseff. if they vote in favor she'll be suspended and this is widely expected. the senate will then have up to 180 days to conduct a trial over the allegations that she used fiscal tricks to manage the federal budget and decide if she is to be removed permanently then from office. the bovespa, the brazil stock

market has already rallied so strongly off that february low on this idea that this is going to be the outcome. suspension, impeachment, a new leader. just get on with the process. there is clearly lot of opt nism in the market and the brazilian real. that looks similar -- >> i didn't goat the size of this rally in the bovespa. it is an economy with very high inflation. that's been super reliant on the china commodity boom and has borrowed heavily in the foreign currency and the brazilian real is down similar by --. if you change the political leadership perhaps you get a slightly broader outlook at the margin but i don't quite see why it's rebounded as it has. >> also commodities have rebounded. oil prices have bounced back a

lot. but yes. no question whoever the new leader is. if there is one they are to have a big challenge their hands. >> and caterpillar says the company is ready to move into cuba once the u.s. trade em boorg is lived. isbargo is lived. is caterpillar could move quick as it is used to dealing in emerging markets. they have already picked an official dealer in cuba. despite the embargo, shares are flat in the pre market. white house advisor says brexit would hurt britain the eu and the global economy. fermen says we don't need more uncertainty at the moment. >>urman says we don't need more uncertainty at the moment. >>. >> coming up the meeting in

washington today. can they unify the party? top stories from the campaign trail next? >> first here is national weather forecast from the weather channel's jen carfagno's, jen. >> thunderstorms moving east. we're going to see the ohio valley, tennessee valley, parts of the southeast getting into the action today. today more of a threat of the damaging winds and hail. the tornado threat much lower for today. could it be that we could have a day without rain in d.c.? it's been now 15 days in our nation's capital with rain. if we get rain today it would be 16. there is a better chance of staying dry than we have lately. it is not non zero either. great weather in new england. sunshine. warming up in the west with sunshine. temperatures above average the trend there for the weekend. and get ready a big cool down in the upper midwest this weekend. enjoy the 70s today. and that is your coast to coast forecast. i'm meteorologist jen carfagno. "worldwide exchange" continues after this. i'm val, the orange money retirement squirrel from voya.

val from voya? yeah, val from voya. quick question, what are voya retirement squirrels doing in my house? we're putting away acorns. you know, to show the importance of saving for the future. so you're sort of like a spokes person? no, i'm more like a metaphor. okay, a spokes-metaphor. no, i'm... you're a spokes-metaphor. yeah. ok. see how voya can help you get organized at voya.com.

welcome back to "worldwide exchange." a meeting between paul ryan and donald trump today. >> to be a fly on the wall in this meeting. as the closed door meeting. donald trump is feeling bolstered going into the meeting today. he has a lot of support among voters in the primary races. he says that he also has a lot of respect for the speaker of the house. >> it is a listening session, an

opportunity to hear from him but also for him to hear from us. >> donald trump meets with house speaker paul ryan as well as other house and senate members today to get the party on the same page. >> i believe to be successful this fall we have to unify the party. we have to go for with a forward positive message that americans see we have solutions to their problems. >> trump just received endorsements from seven house republican members who chair committees. >> evidence that voters are switching from democratic to republican side so he brings new people to the party. no question about that. >> this as hillary clinton criticized trump for not releasing his tax returns. >> so you got to ask yourself, why does he want to release them? >> [ inaudible ]. >> yeah, we'll we're going to find out. >> senator sanders says he's the best candidate to defeat republicans in november. >> if our most important goal is

making sure that someone like trump does not become elected president, i think you are looking at the strongest democratic candidate. >> and back to the republicans, donald trump has now won more primary votes than any republican in history. >> so edward, was does he need paul ryan to back him? >> trump says he actually doesn't need paul ryan to back him. he wants the party to unify h. e says he hopes he can get a deal but trump said last night if they don't get a deal today he's fine going forward just as the entire time as the establishment has been against him. >> edward lawrence in washington. now to sports. two nights after scoring 40 off the bench and his second straight mvp award, steph curry and the warriors looking to move onto the nba western conference finals. oracle arena, game 5. the blazers keeping it closes

until this three. with less than a 1:00 to go steph makes another amazing shot. a step back three to put the warriors up for good. golden state winning. and in baseball the mets taking on the dodgers. mets pitcher syndergaard hitting a home run. hits another homer his next time up. the last time a pitcher hit two home runs in the same game? 2007. he does have a very distinctive hair style and a very good night. a lot of him. >> swinging the lumber.

very important phrase. >> we'll go to a baseball game. i'd love to take you. although we missed the reds in town. >> i've been to one of those baseball nets -- >> oh the nets -- >> a bit of metal in there them. are you sure its pure wood. >> i'm not an expert but they are wood. >> interesting. plus instagram rolls out a new logo and the internet doesn't like it. we'll tell you why when "worldwide exchange" comes right back. ♪ ♪ cathy's gotten used to the smell of lingering garbage... ...in her kitchen yup, she's gone noseblind. she thinks it smells fine, but her guests smell this. ding, flies, meow febreze air effects heavy duty has up to... ...two times the odor-eliminating power to... ...remove odors you've done noseblind to

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good morning. gold demand off to its fastest start every this year. >> breaking overnight, impeachment fight. brazil senate debating putting president dilma rousseff on trial for breaking those budget laws and. >> and hello kitty. hundreds are lining up outside this themed cafe today. thursday may 12, 2016. you are watching "worldwide exchange." ♪ do you believe in life after love ♪ ♪ i can feel something -- >> another queen of pop. how throwback thursday. >> i like this one. good one. and i'm wilfred frost. very good morning to you. >> u.s. equity futures pointing to a stronger start after we saw a sharp decline yesterday. the dow lost more than 200

points. a big part of that was driven by retail declines. really across the board. dragged the entire market down. s&p completely reversing what was one of the best days in months the day before. dow future, s&p future, nasdaq futures all pointing to higher starts but we're looking at less than half a percent of gains. the other big one want we want to watch is retailers. the pre market trade mixed. macy's declining 15% and now flat in the pre market. not gaining anything back. jc penney up about a percent in the pre market. lit report results and walmart remains flat. it was down sharply yesterday as well. >> it is super thursday for the bank of england. set to deliver reports at 7:00 a.m. eastern and mark carney

will hold a news conference about 7:30 a.m. eastern. looking at trade in the ftsi 100 down fractionally. we've gained over the last hour or so. down about half a percent and now up about .2% for broader europe. look at asian trade as well. a decent return for the nikkei today. on a day where the yen is softening. albeit toyota is at the bottom down 2.5% after disappointing earnings. hong kong down about 7%. shanghai basically flat. >> the international energy agency out with a new report saying global oil supply rose by 250,000 barrels to 96.2 million barrels per day in april. the iea expects a dramatic reduction now in global oil stocks growth in the second half of the year. wti building on yesterday's gains. up about .8% above 46.350.

brent is just below $46 a barrel this morning. yesterday a steep decline in --. and yet we push higher to 2016 highs. on the flip side the dollar, we're seeing the japanese yen weaken, which is important to help japanese stocks rebound. just pushing up towards the 109 level. euro weakening, dollar stronger. pound weakening ahead of inflation report and comments from mark carney. as the treasury note yield saw buying yesterday on the back of that selloff in stocks which was interesting given when we see stocks rally you don't see a big selloff in 10 year treasuries. so you see the treasury market a little more pessimistic with its view on the world. and adding to that as been a rally for gold this year. and a brand new report finding global gold demand soar to its highest first quarter total on

record. more than off setting near 20% decline in buying. >> overall i'd say as well the other thing to focus on are the last three days we've seen much higher volumes in markets. remember about two months ago we were saying, you know, we're not seeing any conviction in markets. we're seeing higher volumes. i wonder because we've had so many companies reporting. a last big push because people take time off for summer or whether there was serious bearishness. >> you could say the same with bullishness. because yesterday sharp decline came after one of the strongest rallies in months. a market kramer could say could flip on a dime. the over head is weakness consumer spending in the u.s. it is the sector that was supposed to be so bright.

the price of gasoline. all the savings at the gas pump. jobs coming back, wages. the place to bet on all of that is retail and consumer spending but it is not helping across the board. there are specific winners in retail. there is amazon. there is some of the restaurant stocks, for instance. but department stores are not getting the love. >> exactly. it is going to be important to watch the rest of the sector report. retail sales also out tomorrow. macy's not necessary representative of the broader consumer in the u.s. pair of economic reports top today's agenda. weekly jobless and import prices. expected to have picked up last month a. a trio of fed officials are speaking today. kohls and ralph lauren report before the opening bell and others after the close.

>> toshiba reporting second straight annual loss due to write downs of nuclear and other business. as the japanese company try to emerge from a major accounting scandal. toshiba does not expect to return to profitability this year. >> yet blue says it made more money per passenger as more seats went unfilled. google working on a stand alone personal assistant to compete with echo. the device, chirp, would likely make the certainly command okay google throughout the home. could dane this year. the okay google is very funny for avid users because they just walk around everywhere saying "okay google." >> controlling 34% stake in

mitsubishi. last month mitsubishi admitted to overstating the fuel economy of a flrm of its models. mitsubishi doing well today. denmark's prime minister says his government is recommending the purchase of 27 staeealth fighter jets from look he'd martin. et ma says its plan the continue obama health insurance next year. earlier this year aetna reported its obamacare business had operating losses of about 3-4% in 2015. >> a theranos top executive is now leaving amid probe swos inte

business. he joined theranos in 2009. theranos has been under increasing scrutiny. on wednesday theranos did announce it's adding three new board members. >> lyft has agreed to pay 27 million dollars to settle a class action suit. brought by drivers in california over their work status. they claimed they should be deemed employees instead of independent contractors which would entitle them to reimbursement for gas and car repairs. a judge previously rejected settlements as too small.

>> and rupert murdoch needs a ride to the airport he need hail -- just like the rest of us. uber is currently valued at more than $64 billion. at that level his share could be worth a lot. >> do you think he uses uber pool? shares his ride with others. >> maybe you could use it and circle the city and find it. doubt he does use that. all right. it is time for today's trending stories. starting with this one. amazing video. the world's first 24 hour hello kitty themed cafe hoping to the public in singapore today. about 400 people lining up for more than 12 hours outside of

hello kitty orchid garden. in hopes of being one of the first inside. >> so this is an adult's toy? >> it is mostly adults. even though i think it started as kids that it's been going on so long these people probably grew up -- as the phenomenon. >> i have no idea. >> it is not as big here as it is in asia. i will say that. but there is an obsession. >> a serious obsession. >> there is something mental, i don't know. psychological about the obsession -- >> there you go. hello kitty. meanwhile instagram has a new look and the internet has a lot of strong feels about it. debuting a new icon yesterday saying the new multi colored design reflects the app's explosive growth but not all users were liking the change. a current theme, if something

isn't broke, don't fix it. >> i couldn't find my instagram app this morning. mine's changed. it's rainbow colors. >> if you haven't done the update it doesn't change it. i have the old school look still. which i like. >> that's going change. >> it's not if i don't update the app. >> you should update -- >> [ inaudible ]. >> i didn't get any credit for coming on time today, did it. a dating site. there is always a dating site in trending and now there is mapleal match. a new dating site helping americans find a canadian partner in the event of a trump presidency. clicking quote save me from the madness users can sign up for free. thousands have signed up to be on the waiting list. with more than 2 hundred sign up requests per hour. >> also it only sets you up with

someone across the border in canada. what is wrong with britain and other places? you can travel much further than just canada. >> this is specifically targeting people who want to avoid the donald trump presidency. >> but why only -- >> -- well justin trudeau is beloved. for sure. and it's easy. and it's close. this just shows you the sentiment. we asked would you buy any department store stocks. they got hammered yesterday in the session. macy's is down more than 50% in the last 12 months. >> and still producing a profit. yes a massive fall in earnings but it's not fallen into the losses. >> and lowered guidance for the year. reported decline in sales and so far overwhelmingly we're hearing from you on twitter and facebook, no. cl shows you that there is not a lot of bets on a turnaround in this sector.

keep voting. we'll reveal later in the show the results. >> still to come a piece in the wall street journal on the ryan/trump summit. and don't miss my interview with brian moynihan at at 4:00 ome b. [ toilet flushes ] so when you need a plumber, we can help you get the b done right, guaranteed. get started today at angie's list. you gein your car. odors you think it smells fine, but your passengers smell this. {ding} eliminate odors you've gone nose blind too, for up to 30 days with the febreze car vent clip. wow, it smells good in here. so you and your passengers can breathe happy.

breaking news.

the brazilian senate voting in favor of putting dilma rousseff on trial for breaking budget laws. voting 55-22 in favor. rousseff will be officially notified later this morning. she'll then be suspend iing -- vice president temer will become acting president during the trial. today's must reads. i went to the ryan/trump summit, the event of the day. in terms of campaign politics. the columnist writing they should agree on economics. both understand that barack obama's seven years of 0-2% growth is killing the american public. reversing that obama economic legacy is essentially the only thing paul ryan thinks about. it is the reality that has made donald trump the party's presumptive nominee and the piece argues could be what actually brings these two men together with a shared purpose and shared policy ideas.

because as he argues they share a lot in common with regards to rejecting that obama economic agenda and bringing the u.s. economy out of slow growth which is something we can relate to. >> i'm not sure whether we'll see a deal between them embracing each other today. but i think you have had enough rhetoric out of ryan suggesting he's willing to listen at least and they haven't had enough time to get to know each other. and i think there is a lot of time to work out the differences. >> and in a press conference yesterday ryan did use the word positive message so it seems like it is important to him that that is how trump hones his message. see what happens. >> my must read is in the financial times. the city would have a strong hand to play in post brexit. of course the city equating to wall street here meaning the financial draistrict in london.

provide their services across the european economic area without the need for further authorizations should not be underestimated. assuming the uk chooses to stay outside the eea. the uk would lose his its passporting rights upon brexit. the question being if they lost that free movement of people with the passport aspect, would financial institutions like the jap.p. morgans and deutsche ban have to move that head count immediately? this is a great article exploring the likelihoods. if there was no agreement then potentially they would. because they wouldn't be allowed to trade cross-border assets that other banks do on a daily basis. and other pieces. would they be able to make those people move to another financial

center. the chairman of the ubs saying the uk would get a favorable deal but there is a very important part of this debate. there will be more focus on it going forward and this particular proceed reed is a more detail balance on that particular area. the financial services aspect of brexit. >> which is a big one. and also a reminder that if the vote were to go towards no they could be looking at something very messy and complicate order something that needs to be negotiated and well thought out. >> anyway, one question to watch. we are approaching the top of the hour so that means the team is getting ready for "squawk box." initial we've got to ask you. you have been following the brazil. now that we have this decision, yes expected she would be suspended and heading to trial but still a stunning development nonetheless. >> that vote by the way was supposed to happen around 9:00 last night. so they are right on time at 5:00 in the morning. but next we wait to see her undergo trial and six months

another vote and two-thirds of the senate votes to put her out of office permanently. she'll be gone and won't be able to be in office for eight years. but more of a question has brazil really changed enough. two third of the parliament is under indictment for something related to corruption remember. we've got vice president, former vice president dan quayle is going to join us today. today is the big meeting. gop and trump trying to maybe come together. maybe not. the ceo of the mayo wan how are they going to compete against youtube and more. >> still to come on "worldwide exchange" we'll get you ready for the trading day ahead. >> and do not miss this conversation. bank of america ceo brian moynihan talks to wilfred exclusively on "closing bell,"

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♪ welcome bob. always good to see you. serious questions about the strength of the u.s. consumer after that macy's's report. it is company or consumer spending. >> when you say the consumer is having problems if you go to home depot and lowe's where's

the problems? mcdonald's hamburgers. but macy's and other companies it is just not companying. consumers are being very picky about spending. >> how do you gauge the balance at the moment? do you think there is space for optimism or pessimism to come through strongly? which will it be? >> that depends on earnings. it is a very schizophrenic market. monday a lot of euphoria. yesterday oh my goodness the world is going to end. we had a wonderful rally and the market is still digesting that. and that was based on less bad news. china is not going to be a big black hole. the fed is not going kill us. we're not going to have a recession. but for the market to go higher we need some good news and i

think that good news has to come from earnings and the jury is very much out. we need the dollar to behavior, that is not go back up. oil to behave, not go back down. and the isms and pmis that side of the economy has to show a little more strength. that is asking a lot. i think we'll get some of that and some better earnings in the second half. but, you know, i'm not going to put all my money on black for that one. >> i'm surprised you didn't mention the price of oil which has always been one of the key determinants of this market and -- >> i did mention it -- you are absolutely right sara. oil was going down too fast for too too long for comfort and the rally has given people, ah. the tough place of the world are not going to fall apart. not going to implode. so if oil would just stay in a somewhat stable if that is possible for a commodity trading

range i think we'd be just fine and the benefits of lower oil for the consumer would come to the fore. >> what about international factors? any big fears out there? china's data has gotten a little worse over the last couple of weeks. is that a big fear for later in the year? >> china being a big country and emerging market is going to keep coming back. it is going to alternate good and basinews. one of the fastest growing economies still in the world. that is the good news. the problem is a lot of buildings unoccupied with too much debt etc. etc. so the back and forth is going to be with us some time. >> always good to get your take on the key themes of the market. bob doll. >> what are you watching? >> the retailers after yesterday's slide. if bob is right we should also watch other consumers like restaurants and healthcare to see if that is broader slowdown

in consumer spending or industry specific. >> and shake shack will be interesting to watch on that note. that is it for "worldwide exchange" today. "squawk box" is up next. ♪ -- with somebody

good morning. stocks looking to rebound following the worst session for the dow in three months. and we will be watching the day's retail earnings. that is what caused it yesterday. that dismal report from macy's which is the lead story in the wall street journal this morning. breaking news in the last half hour. brazil's senate voting to impeach president dilma rousseff. the vice president taking over the count while rousseff is in on trial. and a gop summit on capitol hill. house speaker paul ryan and

presumptive gop nominee donald trump will meet. thursday may 12, 2016 and "squawk box" begins right now. ♪ good morning. back to "squawk box" here on cnbc. i'm michelle crews cabrera with joe kernen and scott wapner. a positive opening of 85 for the dow. after the big selloff yesterday. overnight in asia. a mixed report there. nikkei was essentially flat. hang sec slightly lower. shanghai flat. european equities higher across the board. and in crude this morning. wti